Tel: 0141 552 8408 Email: firstname.lastname@example.org
Your eligible deposits with 1st Class Credit Credit Union are protected up to a total of £75,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. Any deposits you hold above the £75,000 limit are not covered.
Important information about compensation arrangements
1st Class Credit Union is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
On 3 July 2015, the Prudential Regulation Authority (PRA) announced that from 1 January 2016, the level of FSCS protection for personal and small business depositors will be reduced from £85,000 to £75,000 and for Joint accounts will reduced from £170,000 to £150,000. The compensation limit will not take effect until 1 January 2016 this means that until 31 December 2015 members will continue to be protected up to £85,000.
In respect of deposits, an eligible depositor is entitled to claim up to £75,000 from the 1 January 2016. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £75,000 each (making a total of £150,000). The £75,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please call us on 0141 5528408 or refer to the FSCS website http://www.fscs.org.uk/or call 0800 678 1100.